Atlas Insurance Limited’s financial results for the half year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on August 24, 2011 at 10:30 a.m. at Federation House, Clifton, Karachi, recommended the following:

 

1)Cash DividendNil
2)Bonus SharesNil
3)Right SharesNil

 

 

Condensed Interim Profit and Loss Account (Unaudited) for the Six Months Period Ended 30 June 2011

Three months period ended 30 June 2011

 

 Fire andPropertyMarine,aviation and

transport

 MotorOthersIncluding

miscellaneous

Treaty20112010

Note

(Rupees in thousunds)
Revenue account
Net premium revenue 23,76463,22847,8527,685-142,417126,470
Net claims(1,212)(3,362)(27,439)3,110 -(28,903)(59,385)
Expenses(18,629)(17,692)(9,571)(12,807) -(58,799)(48,017)
Net commission 9,3293,940(2,955)3,490-13,80411,590
———— ———— ————-——-
Underwriting result13,24246,1127,7871,378-68,61930,658
———— —— ————
investment income35,38136,359
Rental Income1,321 1,294
Other Income10,11311,078
Financial charge(151) (169)
General and administrative expenses(9,222)(7,059)
—— ——
37,44241,503
Profit before taxation106,96172,181
Provision for taxation(29,076) (17,658)
—— ——
Profit after taxation76,88554,503
————
Basic earnings per
share – Rupees91.741.23

 

 

Six months period ended 30 June 2011

Fire andPropertyMarine,aviation and

transport

MotorOthersIncluding

miscellaneous

Treaty20112010

Note

(Rupees in thousunds)
Net premium revenue51,554113,33399,04712,482-276,416235,912
Net claims(6,998)(6,087) (62,579) (4,684)-(80,348)(106,237)
Expenses (30,608) (32,809) (19,355)(22,225) -(105,097)(88,885)
Net commission18,7128,792(4,742)7,048-29,81025,449
 —— ——-——- —— ————-——-
Underwriting result32,66083,12912,371(7,379) -120,78166,459
————- ——-  ————
Investment Income74,71976,706
Rental Income2,6422,312
Other income22,698 26,176
Financial charges(216)(227)
General and administration expenses(15,474)(13,411)
——- ——-
84,36791,556
——- ——-
Profit before taxation205,148 158,015
Provision for taxation    10(54,205) (32,991)
  ——- ——-
Profit after taxation150,943 125,024
 ——-  ——-
Profit and loss appropriation account
Balance at commencement of the year 243,218190,340
Profit after taxation for the six months ended 30 June 2011150,94125,024
Transfer to general reserve(21,000) (22,000)
Final dividend for 2010 @ Rs. 4 per share (2009: Rs 4 per share)(147,646)(134,224)
Transfer to reserve for issue of bonus shares(73,823)(33,556)
 ——- ——-
Balance unappropriated profit at the end of the period151,692125,584
——-——-
Basic earnings per
share – Rupees93.412.82

 

The annexed notes 1 to 6 form an integral part of condensed interim financial information.

For more information, contact:
Atlas Insurance Limited
3- Bank Square,
Shahrah-e-Quaid-e-Azam,
Lahore – 54000, Pakistan
Ph: + 92 (42) 37320542-3
Fax: + 92 (42) 37234742
Email: info@atlasinsurance.com.pk